NOTHING CAN STOP #Bitcoin FROM GOING TO 100K AND BEYOND 🚀
We're at the stage of the bull cycle where we're breaking out above this old all-time high 😀
Looking at the weekly $BTC chart, we can draw parallels between the previous all-time high breakout and the current one.
On the left side of the chart, we observe the price action from November 2020 to December 2020, marked by the old cycle's all-time high around $20,000 per Bitcoin, representing the 2017 bull market peak.
The current day price action on the right-hand side of the chart indicates the current all-time high, sitting at around $69,000, representing the recent bull market top.
Reflecting on past patterns, we see that during the previous bull cycle, there was a period of struggle around the all-time high breakout for several weeks.
This struggle, depicted on the weekly timeframe, lasted around three to four weeks, showing signs of consolidation and occasional rejections.
Despite the short-term bearish price action, the historical precedent suggests that once the buying pressure outweighs the selling pressure around the all-time high level, a significant breakout is likely to occur.
This breakout is typically marked by a weekly candle close well above the previous all-time high.
I am really bullish at the moment and instead of panic selling now is the time to accumulate more and maximise your returns.
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@Alex Hill
